There are plenty of renters due to the army base, a management training ground in Juarez, a large number of our employees always to a home to rent, and other factors.

Blue Ridge looks attractive based off my search and pricing there. 

I would think it'd be pretty simple to calculate his actual rent income based on the properties current conditions and explain that at best, the tenants in place stay for years to come, he continues doing the bare minimum, and his highest predicted income is x dollars, barring any emergency spending to keep the tenants happy.

@Patrick Philip Keep in mind banks will price there construction debt based on the Fed rate & expect to pay WSJ Prime +1/2 to 1 Point so 10% is not bad from an alternative lender at this time.

@Sherry PattersonHey Sherry,I am an investor agent based out of San Antonio. 

I am based in Tampa but I cover from Orlando to Spring Hill, and all the way down to Sarasota.

Every STR I have purchased has been a home run and this would have only been a base hit, but that is where the market was.  

I recommend looking into areas near economic bases - close to Nationwide Children’s Hospital, Ohio State Campus, New Albany, etc.

The variance will be granted based off the site plan submitted at the time and the variance application.

@Bob Stevensgood points, I was just saying that for this poster - who is based in NY - these properties look 'low priced' because they need big rehabs.